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months starting with the automaker purchasing 200 million shares by the end of this month. phil lebeau has more. >> carl, you can almost hear the sighs of relief coming from the gm headquarters in detroit. they have been calling for this for some time. here's what's going to be happening. you mentioned that the government is going to be exiting general motors, not happening all immediately. it's going to take some time, 12 to 15 months. they're going to do a dribbleout is what they're saying. gm is purchasing 200 million shares from treasury at $27.50 a share, about $5.5 billion. and treasury will sell the remaining 300 million shares through various means. that disposition, as we mentioned, earlier we heard from the head of the t.a.r.p. program, they're going to be starting to eliminate the gm shares in january of next year. so starting next month. remember, treasury originally invested $49.5 billion in general motors back in 2008 and 2009. and if we take a look at shares of gm going back to the ipo, remember, the ipo price was $33 a share. for the government to have fully made back a
of buys. we'll tell you what's going on next. phil lebeau talks about virgin atlantic. and we'll talk aig. >> absolutely. >> one more look at futures. more "squawk on the street" in a minute. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. governor of getting it done. you know how to dance... with a deadline. and from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro. >>> the government's now planning to sell the remaining stake in the insurance giant. they'll be sold at $32.50 each, representing 16% of outstanding aig shares. the sale expected to total about $7.6 billion. treasury and federal reserve will e
they did -- >> what's going on here? what's happening? >> that's my beau. >> wow. >> had you worked together before this? >> tough when your guy looks better topless than we do. >> it's bad. problem is he's 11, 12 years younger than me. i feel like i'm robbing the cradle. >> in real life? >> in real life. not on the show. >> you're not playing cougar thing? >> no, no, poor jay has to age up. >> talk about your real-life husband. >> there he is. say hi, tommy. >> how long have you been married? >> this new year's it will be two years but we've been together eight years. >> tell us your story. i met him through my brother, my brother's friend. i found out he had four kids, i about [ bleep ] -- sorry, you can bleep that out, you want to do that again? i found out he had four kids, oh, my god, but i love his kids, they are terrific. >> you've got your wolfy. >> not really anymore. he's 21, he'll be 22 soon. he's got his own life going. >> they leave and rarely come home. >> they don't care about you any longer. all the time i put into raising him. >> he's quite the musician, isn't he? >
by 50% in the second quarter of this year. our phil lebeau is live to tell us why this is happening. phil? >> reporter: it's all about uncertainty, carl. this is a troubling statistic. i want to show you a chart we received which monitors 20 million small business loans with 17 million businesses around the country. look at the falloff here in terms of the amount of investment made by small manufacturers. what you want to look at is towards the end in the third quarter. it fell off dramatically. well, according to pay net, small manufacturers cut their investments in plant, in equipment by 50% in the second quarter. one of the troubling sectors transportation equipment, the investment there for those manufacturers fell off by 33% and according to the folks at pay net this comes down to manufacturers pulling back because of uncertainty. >> there was certainly a lot of uncertainty about how to implement affordable health care. how to react to the tax rates that were coming down pike, whether or not the deficit problem was going to be addressed. >> reporter: bottom line, uncertainty ab
to fill jobs in their second and third sits. phil lebeau is live with more with this fascinating shifts. >> they say, there's no way. if people want a job, they should be able to find one. really? they found many places where they're trying to hire like here. go to indiana where if you look at the state unemployment rate, yes, it has come down from the peak of 10.8% back in 2009 but it's still above the national rate at 8%. we wjt down to bloomfield, indiana, which is just south of bloomington, and down there is metal technologies incorporated. this is an auto parts supplier. they make oil pans that then go on to top tier suppliers. they have four to seven job openings that they cannot fill. they struggle to fill their second and third shifts. part of it is because they can't find people with skills. part of it is because they've offered jobs to people who have said, no, thanks, i'll stay on unemployment. >> it seems like with the unemployment as high as it has been it shouldn't be hard, but we have situations where people either aren't interested in working or they don't fit our our ne
cars few in the industry have ever seen. phil lebeau is in chicago. i guess essentially, phil, the europeans are taking a leap out of the americans' book. they used to scoff that the american automakers would offer. now it's par for the course. >> especially in december. it used to be lexus, but mercedes-benz was looking for offers in november. this is an increase compared to october, up 42% for bmw, 26% for mercedes, lexus up 3%. what's going on here? let's start with bmw. their holiday deals now include up to five months of no payments. that's the kind of stuff you used to hear from chevy or from ford. by the way, bmw sales surged 45% last month. mercedes leads bmw year-to-date by just under 1,900 vehicles. it last led the u.s. luxury sales in '99. it really wants the title again. at the core of what's happening between these two german automakers, they need strong sufficient sales to offset the weakness they're seeing in europe. that's why their production has been ramped up here at their facilities in the u.s. bmw announced it's on pace to set global sales of more than 1.7
! >>> welcome back to "squawk on the street." i'm phil lebeau with breaking news regarding boeing and the 787 dreamliner. there has been a second dreamliner that has run into problems, once delivered into service, this one solving a cutter airway 787 on delivery from the united states to london. just a few days ago. it has been grounded in london. according to the ceo of cutter qatar airways, he says that the airplane developed a generator failure while in flight. now, it was not an emergency landing but a generator failure is what he says. we've talked with boeing this morning. they say they are aware of the issue. they're not sure it was a generator that failed on the qatar airways 787, but the significance of this is remember on december 4th, it was a united 787 that had to make an emergency landing in new orleans because one of the generators failed on that airplane. there are six on these airplanes. and remember, the 787 was designed to use six generators, electric power so that near nth not using power from the engines, part of the fuel efficiency that goes into the planes. the question
is the thing. the 501(c)3 exemption was added to this tax code in 1917. as beau said, there are more than 1 million registered 501(c)3s right now and poverty is at its historic high. if you're a business, that's a model one could argue isn't working. we're letting the market decide. we're letting the american people decide. do you want to give $50, $75, $100 on >> how do you pay your expenses? >> as a start-up with investment, we create jobs and pay our people. but beau, who is the ceo and i take no money out of it. but we're trying to build value. >> but do you guys own the company? you're the shareholders of the company? >> we own the co >> is there a percentage of the donation that goes to overhead or how does that work? >> there's a transparent 18 cents on every dollar that goes for our keep the lights on fee is how we list it on the site. >> 18 cents for every dollar? >> yes. but i want to help a single dad in new york who has two kids in school or something. i'm from -- let's say you're from california. i want to help a single mom in california with a medical need. yo
from phil lebeau later this morning, but a fine for allegedly failing to report safety defects in a timely manner required by law. not the first time this has happened. it's the fourth fine in the past two years. automaker does not admit or deny guilt. but there's a look at shares a little bit higher this morning. >> let's check with bob pisani on the floor with more. good morning, bob. >> hello, guys. happy tuesday. of course, we saw a little bit of the drop in futures when corker came out and said we're not close to a deal. by and large, we're still positive here today. that's because everybody knows that a deal of some kind is coming. the president's offer is getting closer to the gop offer. the republicans are meeting this morning, no doubt they'll squawk and scream. ultimately the street believes some kind of deal is coming here. the big issue is the post-fiscal cliff trade. that's what everybody's trying to figure out. that's where there's a lot of differences of opinion. by and large it's been a strong argument to buy going into the fiscal cliff and sell after that, the
with constant job openings and no one to fill those positions. cnbc's phil lebeau joins us with more on that story. phil, good morning. >> good morning. we're just outside chicago, start of the first shift here. this is where they make components like this that will go to the aerospace and electronics industries. they have 10 to 12 openings here and this is a story that we're hearing throughout the manufacturing base in the united states. take a look at how many manufacturing openings have been created over the last three years. it's gone from essentially 90,000 up to 247,000. some of those openings they seem like they're permanently open. we went down to metal technologies an auto parts supplier just out of bloomington, indiana, they have five to seven jobs they're ready to fill but they can't fill. in fact, they've had situations where they've had applicants come in, they've hired them and then the people who have been hired have said, do you know what, no thanks, i'd rather stay unemployed. >> we've had people that we've interviewed, that we've agreed to hire, and at the end of th
Search Results 0 to 9 of about 10